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The Impact of Recent Policy Changes on the Canadian Mortgage Market

Author

Listed:
  • Olga Bilyk
  • Maria teNyenhuis

Abstract

Recent policy changes are having a clear impact on the mortgage market. The number of new highly indebted borrowers has fallen, and overall mortgage activity has slowed significantly. Tighter policies around mortgage qualification and higher interest rates are having a direct effect on the quality and quantity of credit. At the same time, provincial and municipal housing measures have weighed on housing activity and price growth in certain markets.

Suggested Citation

  • Olga Bilyk & Maria teNyenhuis, 2018. "The Impact of Recent Policy Changes on the Canadian Mortgage Market," Staff Analytical Notes 2018-35, Bank of Canada.
    • Handle: RePEc:bca:bocsan:18-35
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    File URL: https://www.bankofcanada.ca/2018/11/staff-analytical-note-2018-35/
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    Citations

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    Cited by:

    1. Ho, Anson T.Y. & Morin, Lealand & Paarsch, Harry J. & Huynh, Kim P., 2022. "A flexible framework for intervention analysis applied to credit-card usage during the coronavirus pandemic," International Journal of Forecasting, Elsevier, vol. 38(3), pages 1129-1157.
    2. Robert Clark & Shaoteng Li, 2022. "The Strategic Response of Banks to Macroprudential Policies: Evidence from Mortgage Stress Tests in Canada [LIBOR manipulation?]," Review of Finance, European Finance Association, vol. 26(1), pages 187-216.
    3. Ho, Anson T.Y. & Huynh, Kim P. & Jacho-Chávez, David T. & Vallée, Geneviève, 2023. "We didn’t start the fire: Effects of a natural disaster on consumers’ financial distress," Journal of Environmental Economics and Management, Elsevier, vol. 119(C).
    4. Alter, Adrian & Mahoney, Elizabeth M., 2021. "Local house-price vulnerability: Evidence from the U.S. and Canada," Journal of Housing Economics, Elsevier, vol. 54(C).
    5. Guillaume Bédard-Pagé, 2019. "Non-Bank Financial Intermediation in Canada: An Update," Discussion Papers 2019-2, Bank of Canada.

    More about this item

    Keywords

    Credit and credit aggregates; Financial Institutions; Interest rates; Recent economic and financial developments;
    All these keywords.

    JEL classification:

    • D - Microeconomics
    • D1 - Microeconomics - - Household Behavior
    • E - Macroeconomics and Monetary Economics
    • E4 - Macroeconomics and Monetary Economics - - Money and Interest Rates
    • G - Financial Economics
    • G2 - Financial Economics - - Financial Institutions and Services
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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